Reporting for Tax-Exempt Bond Issues: Schedule K
All organizations with outstanding bond issues greater than $100,000 in principal balance must complete Schedule K. However, you do not have to report information regarding bonds issued before 2003.
To complete this schedule, you may use a reporting period that is the same as the period covered by the Form 990 or you may choose any 12-month period as long as it is used consistently. In fact, you may use a different 12-month period for each bond obligation.
Part I of Schedule K asks for the following information: issuer name, issuer EIN, CUSIP #, issue date, issue price, description of purpose, whether or not it is defeased (escrow established to redeem the bonds at their earliest call date), and whether or not you are an "on behalf of" issuer. An "on behalf of" issuer is a nonprofit corporation whose obligations are considered obligations of a state or local government.
Part II requires information regarding the proceeds of each bond issue; Part III asks questions about private business use of the bond proceeds; and Part IV addresses potential arbitrage issues.